ABC Manufacturing Company has seen the demand for two new types of metal alloys explode in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABC Manufacturing Company has seen the demand for two new types of metal alloys explode in recent months. The alloys, which are made by mixing copper, nickel, and aluminum, do not require an exact formulation of components but must satisfy the following general specifications: Alloy A At least 40% copper At least 10% nickel Alloy B No more than 35% copper At least 40% nickel No more than 25% nickel Aluminum content must be exactly twice that of nickel No more than 30% aluminum Copper costs $2 per pound, nickel $3 per pound, and aluminum $1.50 per pound. ABC has a limit of 2000 pounds of copper, 3000 pounds of nickel, and 4000 pounds of aluminum available each day. Assume that the company can sell as much of each alloy as it makes at a price of $6 per pound for alloy A and $6.5 per pound for alloy B. Assume that one pound of an alloy is obtained from one pound of a mixture, that is, there is no loss in the process. (a) (15 points) Formulate the company's problem a linear program to maximize profit. Define your decision variables clearly. (b) (10 points) Solve the model you developed in part (a) using OpenSolver and report the optimal solution. Upload the excel file as well when uploading your solutions. (Hint: Optimal objective function value is $31,286) ABC Manufacturing Company has seen the demand for two new types of metal alloys explode in recent months. The alloys, which are made by mixing copper, nickel, and aluminum, do not require an exact formulation of components but must satisfy the following general specifications: Alloy A At least 40% copper At least 10% nickel Alloy B No more than 35% copper At least 40% nickel No more than 25% nickel Aluminum content must be exactly twice that of nickel No more than 30% aluminum Copper costs $2 per pound, nickel $3 per pound, and aluminum $1.50 per pound. ABC has a limit of 2000 pounds of copper, 3000 pounds of nickel, and 4000 pounds of aluminum available each day. Assume that the company can sell as much of each alloy as it makes at a price of $6 per pound for alloy A and $6.5 per pound for alloy B. Assume that one pound of an alloy is obtained from one pound of a mixture, that is, there is no loss in the process. (a) (15 points) Formulate the company's problem a linear program to maximize profit. Define your decision variables clearly. (b) (10 points) Solve the model you developed in part (a) using OpenSolver and report the optimal solution. Upload the excel file as well when uploading your solutions. (Hint: Optimal objective function value is $31,286)
Expert Answer:
Answer rating: 100% (QA)
a To formulate the companys problem as a linear program to maximize profit we need to define decisio... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
Students also viewed these finance questions
-
All women are equal but some are more equal than others. How is this saying depicted in the reading and how can AOP help resolve the issue?
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Determine the critical path, the critical activities and the project completion time. The following details are available regarding a project: Activity A B C D E EF Predecessor Activity A A B C D,E...
-
In a survey of 106 college students, data were gathered on the number of piercings each student had and the number of classes they had skipped in the past 3 weeks. We want to determine whether there...
-
Can a normal distribution always be used to approximate a binomial distribution? Explain.
-
Discuss in detail Network LAN Design with VoIP, and Wireless Services. Address the following criteria in the light of Network LAN Design with VoIP, and Wireless Services Equipment List Hierarchical...
-
The primary purpose of using a certification authority in electronic commerce is to: a. Ensure both the vendor and customer choose secure private keys b. Provide a banking facility for both the...
-
The data that follow are for a retail organization and a manufacturing organization. 1. Fill in the missing data for the retail organization: 2. Fill in the missing data for the...
-
Peter Smart used to wash cars in the back yard of his home. He set up a car cleaning business and rented premises, hired 2 staff and moved personal equipment to his business premises where a small...
-
Photo Tonight, a film-developing and camera-repair franchise, began business on January 1, 20X1. In the process of beginning operations, it incurred the following capital expenditures: Developing...
-
It is important to understand that clients may present to mental health services with many types of losses, and many more may emerge as the client's history unfolds. Select which type of loss is most...
-
How cost Accounting helps the firm in determining the Selling Price?
-
Product M and S are joint products. The joint production cost of the products is $1500. That is, there are costs up to a certain point and we cannot divide the products before that point. M has a...
-
With time running out before the election, a campaign manager is concerned that women may be less inclined to favor a certain candidate than are men.She quickly takes a probability sample of 40...
-
You want to have an ending balance of 100 , 000 in your savings account 20 years from now Whatinitial investment should you make at 4.25% interest compounded semiannually to reach that goal?
-
YOUR Company plans to sell 1,000 bikes at $400 each in the coming year. Product costs include: Direct materials per bike $180 Direct labour per bike $100 Variable factory overhead per bike $25 Total...
-
Table 6-11 Salary Expense Calculation Employee Michaela Glenn Jerome Natasha Sarah Salary Expense June 2-8 Number of Hrs Salary/Hour Total Earnings Worked 40 $15.35 40 $18.46 22 $17.78 32 $16.88 40...
-
The manager of a local convenience store is expanding his line of small toy items. To price these new items, the manager is looking at the prices being charged by competing retailers in his area. For...
-
Identify the working capital accounts related to (a) Revenues recognized and deferred, (b) Cost of goods sold, (c) Employee salary and wages, and (d) Income tax expense. For each account, indicate...
-
Describe the difference between the profit margin for ROA and the profit margin for ROCE. Explain why each profit margin is appropriate for measuring the rate of ROA and the rate of ROCE,...
-
Valero Energy, a petroleum company, reported net income of $1,803.8 on revenues of $54,618.6 for Year 4. Interest expense totaled $359.7, and preferred dividends totaled $12.5. Average total assets...
-
Use Aspen Plus Analysis to develop and print out ternary diagrams for the system water-chloroform-acetone using NRTL as the LLE correlation. Compare results to experimental data in Table 13-A2 (mole...
-
Do Lab 12 in this chapter's appendix, but for three-stage systems. Operation is at \(293 \mathrm{~K}, 1.0 \mathrm{~atm}, \mathrm{~F}=10 \mathrm{kmol} / \mathrm{h}\) and is \(10 \mathrm{~mol} \%\)...
-
Input the DECHEMA coefficients in Aspen Plus from Table 13-A1 in the appendix. Then in Properties, have Aspen print out the triangular diagram for the triethylamine, carbon-tetrachloride, acetic-acid...
Study smarter with the SolutionInn App